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Being a Property Owner

As a property owner you have rights and obligations under the rental law. This is set out in the Residential Tenancy Act 1997. This web site gives guidance on your rights and obligations. A more detailed explanation of the law can be found in the Rental Guide.

As an owner of rental property you are running a small business. There are some things you can do to keep your business profitable and avoid hassles. You should have a filing system with all relevant documents. These include:

• The rental agreement
• The condition report
• The rental ledger
• Regular outgoings e.g. council rates and mortgage payments
• Invoices and receipts e.g. for repairs and maintenance

You must keep appropriate financial records and factor the following into your financial plan:

• Future repairs e.g. replacing the hot water tank
• Depreciation
• Council rates
• Interest on loans
• Emergency repairs
• Insurance
• Re-letting and loss of rent

Most tenants do not cause problems. However it can take two months to evict a problem tenant. That means you may need to cover mortgage payments for two months or more without a rental income from the property. If your financial margin does not allow for emergency repairs or loss of rent you should reconsider your position.

You can save money by managing the property yourself without a property agent. However you are then fully responsibly for all the obligations of the tenancy and for any problems that arise. If you do not live within driving distance of your property you are strongly advised to engage a property agent. It is not realistic to manage a rental property from another State or Territory.